Summary of Proposed Investment
Project Number
9407
Company Name
BANQUE ATLANTIQUE COTE D IVOIRE SA
Date SPI Disclosed
Jan 12, 1999
Country
Cote D'Ivoire
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Mar 23, 1999
Signed : Jun 22, 1999
Invested : Nov 9, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Côte d''Ivoire - Banque Atlantique Revolving Credit Line (BACI 3) |
| Region | Sub-Saharan Africa |
Sector
Project No009407
Projected Board DateFebruary 12, 1999
Company NameBanque Atlantique Côte D''Ivoire Société Anonyme (BACI)
Technical Partner and/or Major Shareholders
The technical partner is Belgolaise Bank, a subsidiary of Fortis/Générale de Banque of Belgium, one of the largest European banking groups. Belgolaise controls and manages a growing network of commercial banks in Africa. BACI''s major shareholders are private Ivorian companies with 67.5%; private Ivorian investors with 17.5%; and Belgolaise Bank with 10%.
Project Cost Including proposed IFC investment
The project is to provide a syndicated revolving credit line of FRF 50 million (US$ 9 million equivalent) to Banque Atlantique (BACI).
Location of project and Description of site
Abidjan, Côte d''Ivoire
Description of Company and Purpose of Project
Banque Atlantique (BACI) is a well managed and profitable commercial bank in Côte d''Ivoire. The revolving credit line would enable BACI to further develop its trade finance activities and provide necessary short-term working capital financing for its clients. The project comes at a time when resource availability in Côte d’Ivoire is becoming difficult due to tighter liquidity. IFC’s revolving credit line would thus provide BACI with necessary resources to appropriately address this shortfall, by combining short-term liquidity with medium-term availability.
Environmental Category and Issues
This is a Financial Intermediary Type 1 project. BACI will be required to develop an environmental management system to cover relevant operations (e.g., project finance, corporate finance). BACI must require that investments under relevant operations meet host country environmental, health and safety requirements. IFC will work with BACI to develop an environmental review capacity. BACI represenatitves will be required to attend IFC-sponsored environmental training. BACI will be required to provide an annual environmental performance report to IFC.
| Date SPI sent to InfoShop | January 12, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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